The Old Age Security (OAS) pension is a monthly benefit provided to the eligible candidates who are 65 and older. It is provided by Canadian government along with Canada Pension Plan (CPP). It is a major source of income for the retirees apart from their personal savings and Canada Pension Plan.
First quarter of 2024 resulted OAS Increase 2024 of about 0.80% after a small boost in January. Those who are aged 65 to 74 can expect maximum of $713.34 per month and for aged 75 and over, it can increase up to $784.67 monthly.
OAS Increase 2024
Based on Consumer Price Index (CPI) the OAS Payment date 2024 are updated every quarter. As it helps the seniors to keep up with the inflation as it results in higher living cost. The seniors who rely on this program to meet their needs, the OAS payments has been increased in 2024 so they can expect a little higher amount this January 29,2024, this year’s first payment.
April to June the OAS payments are to be remain at the same level.
Old Age Security Payment 2024 Key Takeaways
- Consumer Price Index lead to increment in OAS payment in January 2024. However, the level for the April to June quarter will remain same.
- OAS candidates aged between 65 to 74, can expect a payment of $713.34 per month, and those who are aged 75 and over can expect $784.67 monthly.
- The seniors who depends upon OAS payments should check their eligibility for other such benefits such as Guaranteed Income Supplement.
Estimation of Your Monthly Benefits
Through Old Age Security (OAS) benefit you can estimate your monthly payments and accordingly you can plan for the future. This tool helps in:
- When you’ll become eligible for it
- Impact of deferring your pension
- Depending on your situation the payments may change
Old Age Security Pension Eligibility 2024
The amount for OAS pension is determined if they meet the following criteria:
- Your age i.e. 65 or older
- Have to live in Canada for minimum 10 years, the period after you turned 18.
- Have applied for OAS pension.
- Must be a Canadian citizen or a legal resident of Canada
If your net annual income is higher than the net world income threshold set i.e. $90,997 to $148,065 for the year 2024 then it would be considered as taxable income and is subject to recovery tax .
OAS Payment Date 2024
Monthly dates for the OAS Payment Date 2024:
- JANUARY 29, 2024
- FEBRUARY 27, 2024
- MARCH 26, 2024
- APRIL 26, 2024
- MAY 29, 2024
- JUNE 26, 2024
- JULY 29, 2024
- AUGUST 28, 2024
- SEPTEMBER 25, 2024
- OCTOBER 29, 2024
- NOVEMBER 27, 2024
- DECEMBER 20, 2024
You’ll receive your payment either by a direct deposit into your bank account or through a mailed cheque, you need to apply in whichever you want to receive it.
In case, if you have applied recently for the program, once you turn 65 then you can expect the payment next month or on the specific date you choose.
To qualify for OAS pension, the individual has to reside for minimum 40 years of age after you turned 18 in Canada.
You will receive a prorated payment if you have resided less than 40 years after you turned age of 18 depending on number of years you have actually resided there.
OAS Payment Increase 2024
Use the Old Age Security (OAS) estimator to know your specific income on the basis of amount. From information provided below you can know the maximum amount you can get from each benefits.
You’ll receive a partial Old Age Security pension if after the age of 18 you have lived for 10 years but less than 40 years. Following table only determines the payment for full payment but if you’re receiving a partial pension then don’t refer to this table. For more information you should contact us.
Canada Old Age Security Pension Amount 2024
| AGE | ANNUAL NET INCOME | MAXIMUM MONTHLY AMOUNT |
| 65-74 | Less than $134,626 | Up to $713.34 |
| 75 above | Less than $137,331 | Up to $784.67 |
Canada GIS Payment Amount 2023
| ANNUAL NET INCOME | MAXIMUM MONTHLY AMOUNT | |
| Divorced, widowed or single | Less than $21,624 | Up to $1,065.47 |
| Spouse/common-law partner gets full Old Age Security. | Less than $28,560 (couple’s income combined) | Up to $641.35 |
| Spouse/common-law partner receives the allowance | Less than $39,984 (couple’s combined income) | Up to $641.35 |
| Spouse/common-law partner doesn’t receives OAS pension or Allowance both | Less than $51,840 (couple’s combined income) | Up to $1,065.47 |
Survivors Payment 2024
| – | ANNUALLY NET INCOME | MAXIMUM AMOUNT MONTHLY |
| Surviving spouse/common-law partner | Less than $29,112 | Up to $1,614.89 |
Latest OAS Increase Adjustment 2024
There are no such changes in last 3 months in Consumer Price Index, so for April to June quarter the Old Age Security remains unchanged. Last year from April 2023 to April 2024 there was increment of about 3.2%.
Canada OAS Payment Updates
Every year in January, April, July and October the Old Age Security payment amount is reviewed so that it can be adjusted according to the increase in cost of living, as computed by Consumer Price Index (CPI).
- If Cost of living goes up, then monthly payment will increase.
- Even if Cost of living goes down, then monthly payment will not decrease.
Guide To OAS Increase 2024
The earliest a recipient can receive the payment is a month after they turn 65 years of age so it is suggested to apply it before they turn 65 years of age for OAS pension. If the application gets delayed, you’ll receive up to 11 months’ retroactive payment.
If the individual’s income exceeds a certain threshold, then he will receive a reduced pension or no pension at all as the OAS pension is subject to income testing. For 2024, if your income exceeds $81,761 the OAS clawbacks starts.
Smriti Gupta, originally from India, graduated from Bentley University in Waltham, Massachusetts. She is now running an IT company as a proud woman CEO